As Sahara Chief Subrata Roy’s Parole Gets Extended, A Reference To Vijay Mallya

The Supreme Court today extended parole of Sahara group chief Subrata Roy till October 24 and directed him to deposit Rs. 200 crore by the same date.

Sahara chief lawyer Kapil Sibal, indirectly referring to Vijay Mallya, told the court, “There are people who had Rs. 6,000 crore liability but didn’t come back to India. But we had paid around Rs. 11,000 crore and will pay.”

Sahara chief’s lawyer also sought more time to be given to Mr Roy for refunding investors.

The Sahara group has been engaged in a long running legal battle with capital market regulator Sebi over refund of Rs. 24,000 crore to investors. Sebi today told the court that Sahara has paid around Rs. 11,000 crore out of the principal amount of Rs. 24,000 crore.

Chief Justice TS Thakur, who headed the bench, said, “You had said you have Rs. 1,87,000 crore worth properties. We had given enough time for you to sell your properties.”

The Supreme Court directed Sahara chief to submit a roadmap work on how the rest of the amount will be repaid. The next hearing is on October 24.

The 68-year-old head of the Sahara group was granted parole when his mother died in May this year and it had been extended several times.

Mr Roy was first arrested in March 2014 after Sahara failed to comply with a court order to refund the money raised from millions of small investors by selling them bonds later ruled to be illegal.